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Genting Front Runner, Yokohama Casino Resort Submission Period Ends

Yokohama has concluded their request for a proposal submission period for their potential casino resort development.

Japan’s second-largest populated city, Yokohama and the Kanagawa Prefecture has announced that it is no longer accepting development schemes from the aspiring commercial casino consortium.

The city confirmed their two runner ups submission. The two qualifying submissions, global gaming giants Genting Group and Melco Resorts.

Yokohama Casino Biding

Yokohama confirmed that Genting Group is one of the two finalists.

According to the company statement, “Further to Genting Singapore Limited’s Extraordinary General Meeting held on February 4, 2020, with regard to the proposed bid for an Integrated Resort project in Japan, the Company wishes to announce that it is leading a consortium of local Japanese corporates and has submitted a bid in response to the Yokohama City Request for Proposal”

Yokohama Casino Resort

The investor explained, “We are pleased to announce that our submission consortium comprises reputable Japanese corporates, including Sega Sammy Holdings Inc., Sohgo Security Services Co., Ltd., Kajima Corporation, Takenaka Corporation, and Obayashi Corporation.”

Genting Singapore exclaims that there is no assurance that they will be selected.

Though Yokohama has already confirmed that Genting Singapore is one of the finalists for its casino resort opportunity. The Yokohama did not specifically confirm other bidding contestants.

However, Japanese public broadcast station NHK said on May 31 that it is a Melco Resorts consortium with Japan-based constructor Taisei Corporation.

We remain committed to bringing a world-leading IR [in Japan],” Melco Resorts CEO Lawrence Ho said during the company’s earnings call in April. “While COVID continues to present challenges in terms of aspects of process timing and travel, IR in Japan has continued to move forward and we remain convinced that Japan represents the best potential new gaming market globally.

One of the largest financial services in Malaysia, Maybank, believes that Genting Singapore has higher odds to win in Yokohama.

Reciting the statement in Maybank note “In our view, Genting Singapore scores better in promoting tourism, management, and financial ability and responsible gambling initiatives relative to Melco.”

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